/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/110310.mbx T R O U B L E D C O M P A N Y R E P O R T E R L A T I N A M E R I C A Thursday, March 10, 2011, Vol. 12, No. 49 Headlines A R G E N T I N A AGROCANEL SA: Creditors' Proofs of Debt Due April 26 DISTRIPUEY SA: Creditors' Proofs of Debt Due June 28 EXCLUSIVE CARS: Creditors' Proofs of Debt Due April 26 FRILOBOS SA: Creditors' Proofs of Debt Due March 29 SISTEMAS TECNOLOGICOS: Creditors' Proofs of Debt Due May 4 SOCIEDAD ANONIMA: Asks for Bankruptcy Proceedings B E R M U D A AIG LATIN: Members' and Creditors' Meeting Set for March 28 CAREPRO INSURANCE: Creditors' Proofs of Debt Due March 23 CAREPRO INSURANCE: Member to Receive Wind-Up Report on April 6 IRID INVESTOR: Creditors' Proofs of Debt Due March 14 IRID INVESTOR: Members' Final Meeting Set for March 31 JOHCHRI LTD: Creditors' Proofs of Debt Due March 11 JOHCHRI LTD: Members' Final Meeting Set for March 29 UNOCAL E&S: Members' Final Meeting Set for March 31 UNOCAL ASIA: Creditors' Proofs of Debt Due March 11 C H I L E BBVA CHILE: Moody's Assigns 'D+' Bank Financial Strength Rating J A M A I C A BREEZES RIO: Workers Will Keep Their Jobs, Minister Says M E X I C O MEXICANA AIRLINES: Gets 5 Offers to Emerge From Bankruptcy SATELITES MEXICANOS: Starts Soliciting Votes on Prepack Plan SATELITES MEXICANOS: Has US$325-Mil. Exit Financing Commitment TUBO DE PASTEJE: Seeks More Time to File Plan URBI DESARROLLOS: Fitch Downgrades Issuer Default Rating to 'BB-' P U E R T O R I C O A+HC HOLDING: Taps Charles A. Cuprill as Bankruptcy Counsel A+HC HOLDING: Wants to Hire CPA Luis as Financial Consultant ALLIED DEVELOPMENT: Voluntary Chapter 11 Case Summary EDHSAN MILLWORKS: Case Summary & 20 Largest Unsecured Creditors HIRAM SANCHEZ: Case Summary & 20 Largest Unsecured Creditors MIRAMAR REAL ESTATE: Case Summary & 20 Largest Unsecured Creditors V E N E Z U E L A CA LA ELECTRICIDAD: Fitch Affirms 'B+' Issuer Default Ratings V I R G I N I S L A N D S INNOVATIVE COMMUNICATION: CFC Unit Takes Over BVI Cable X X X X X X X X * Upcoming Meetings, Conferences and Seminars - - - - - ================= A R G E N T I N A ================= AGROCANEL SA: Creditors' Proofs of Debt Due April 26 ---------------------------------------------------- Luis Miguel Riccardini, the court-appointed trustee for Agrocanel SA's bankruptcy proceedings, will be verifying creditors' proofs of claim until April 26, 2011. Mr. Riccardini will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 8 in Buenos Aires, with the assistance of Clerk No. 16, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. The Trustee can be reached at: Luis Miguel Riccardini Bartolome Mitre 1371 Argentina DISTRIPUEY SA: Creditors' Proofs of Debt Due June 28 ---------------------------------------------------- Alfredo Kandus, the court-appointed trustee for Distripuey SA's reorganization proceedings, will be verifying creditors' proofs of claim until June 28, 2011. Mr. Kandus will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 22 in Buenos Aires, with the assistance of Clerk No. 44, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. Creditors will vote to ratify the completed settlement plan during the assembly on March 6, 2012. The Trustee can be reached at: Alfredo Kandus Sarmiento 117 Argentina EXCLUSIVE CARS: Creditors' Proofs of Debt Due April 26 ------------------------------------------------------ Alberto Gimenez, the court-appointed trustee for Exclusive Cars SRL's bankruptcy proceedings, will be verifying creditors' proofs of claim until April 26, 2011. Mr. Gimenez will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 8 in Buenos Aires, with the assistance of Clerk No. 16, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. The Trustee can be reached at: Alberto Gimenez Rosario 814 Argentina FRILOBOS SA: Creditors' Proofs of Debt Due March 29 --------------------------------------------------- Juan Emilio Cavalieri, the court-appointed trustee for Frilobos SA's reorganization proceedings, will be verifying creditors' proofs of claim until March 29, 2011. Mr. Cavalieri will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 6 in Buenos Aires, with the assistance of Clerk No. 12, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. Creditors will vote to ratify the completed settlement plan during the assembly on December 2, 2011. The Trustee can be reached at: Emilio Cavalieri Avenida Cordoba 904 Argentina SISTEMAS TECNOLOGICOS: Creditors' Proofs of Debt Due May 4 ---------------------------------------------------------- Jorge Dagavarian, the court-appointed trustee for Sistemas Tecnologicos para la Salud SA's bankruptcy proceedings, will be verifying creditors' proofs of claim until May 4, 2011. Mr. Dagavarian will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 5 in Buenos Aires, with the assistance of Clerk No. 9, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. The Trustee can be reached at: Jorge Dagavarian Madero 749 Argentina SOCIEDAD ANONIMA: Asks for Bankruptcy Proceedings ------------------------------------------------- Sociedad Anonima Tala Viejo asked for bankruptcy proceedings. The company has defaulted on its payments due September 24, 2010. ============= B E R M U D A ============= AIG LATIN: Members' and Creditors' Meeting Set for March 28 ----------------------------------------------------------- The members and creditors of AIG Latin America Equity Partners, Ltd. will hold their final meetings on March 28, 2011, at 9:30 a.m. and 10:00 a.m., respectively, to receive the liquidator's report on the company's wind-up proceedings and property disposal. Mark Waddington is the company's liquidator. CAREPRO INSURANCE: Creditors' Proofs of Debt Due March 23 --------------------------------------------------------- The creditors of CarePro Insurance Ltd are required to file their proofs of debt by March 23, 2011, to be included in the company's dividend distribution. The company commenced wind-up proceedings on February 15, 2011. The company's liquidator is: Kehinde A. L. George Crawford House, 50 Cedar Avenue Hamilton HM 11 Bermuda CAREPRO INSURANCE: Member to Receive Wind-Up Report on April 6 -------------------------------------------------------------- The member of CarePro Insurance Ltd will receive on April 6, 2011, at 10:00 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced wind-up proceedings on February 15, 2011. The company's liquidator is: Kehinde A. L. George Crawford House, 50 Cedar Avenue Hamilton HM 11 Bermuda IRID INVESTOR: Creditors' Proofs of Debt Due March 14 ----------------------------------------------------- The creditors of Irid Investor Holdings Ltd. are required to file their proofs of debt by March 14, 2011, to be included in the company's dividend distribution. The company commenced wind-up proceedings on February 24, 2011. The company's liquidator is: Mark Waddington The Chartis Building 29 Richmond Road, Pembroke HM 08 Bermuda IRID INVESTOR: Members' Final Meeting Set for March 31 ------------------------------------------------------ The members of Irid Investor Holdings Ltd. will hold their final meeting on March 31, 2011, at 12:00 noon, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced wind-up proceedings on February 24, 2011. The company's liquidator is: Mark Waddington The Chartis Building 29 Richmond Road, Pembroke HM 08 Bermuda JOHCHRI LTD: Creditors' Proofs of Debt Due March 11 --------------------------------------------------- The creditors of Johchri Ltd. are required to file their proofs of debt by March 11, 2011, to be included in the company's dividend distribution. The company commenced wind-up proceedings on February 23, 2011. The company's liquidator is: Robin J. Mayor Clarendon House, 2 Church Street Hamilton HM 11 Bermuda JOHCHRI LTD: Members' Final Meeting Set for March 29 ---------------------------------------------------- The members of Johchri Ltd. will hold their final meeting on March 29, 2011, at 9:30 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced wind-up proceedings on February 23, 2011. The company's liquidator is: Robin J. Mayor Clarendon House, 2 Church Street Hamilton HM 11 Bermuda UNOCAL E&S: Members' Final Meeting Set for March 31 --------------------------------------------------- The members of Unocal E&S Asia IV, Ltd. will hold their final meeting on March 31, 2011, at 9:30 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced wind-up proceedings on February 17, 2011. The company's liquidator is: Gary R. Pitman Chevron House, 11 Church Street Hamilton Bermuda UNOCAL ASIA: Creditors' Proofs of Debt Due March 11 --------------------------------------------------- The creditors of Unocal Asia E&S IV, Ltd. are required to file their proofs of debt by March 11, 2011, to be included in the company's dividend distribution. The company's liquidator is: Gary R. Pitman Chevron House, 11 Church Street Hamilton Bermuda ========= C H I L E ========= BBVA CHILE: Moody's Assigns 'D+' Bank Financial Strength Rating --------------------------------------------------------------- Moody's Investors Service has assigned a bank financial strength rating of D+ to BBVA Chile S.A., a 68.2% subsidiary of BBVA Inversiones Chile S.A., in turn 100% owned by Banco Bilbao Vizcaya Argentaria, S.A. Moody's also assigned global scale long and short term local and foreign currency deposit ratings of A2 and Prime-1, respectively. The rating outlook is stable. These ratings were assigned to BBVA Chile: * Bank financial strength rating: D+, stable * Long term global local currency deposit rating: A2, stable * Short term global local currency deposit rating: Prime--1 * Long term foreign currency deposit rating: A2, stable * Short term foreign currency deposit rating: Prime--1 Ratings Rationale Moody's said that BBVA Chile's D+ BFSR and Baa3 stand-alone baseline credit assessment are supported by the bank's established franchise and brand identity in the Chilean market, its growing market shares, and its conservative business mix, which reflects favorably in its asset quality indicators. The stand-alone ratings also reflect the bank's growth potential within Chile's expanding economy as well as benefiting from the management support of its Spanish parent, particularly with regard to its tested risk management policies and procedures. Moody's noted that the ratings take into consideration BBVA Chile's below average profitability metrics and low share of net income relative to its total market shares due partly to a conservative business mix, focused on high quality and hence lower margin, corporate lending and residential mortgages. Relatively high operating leverage as a result of the bank's investments in infrastructure and an extensive build up and repositioning of the branch network to accommodate a more segmented approach has also weighed on the financial results in recent years. Management's current strategy is to beef up its share of the more lucrative retail segment including credit cards, personal loans, and demand deposit accounts, thereby expanding its share of wallet and customer penetration. A targeted cross selling push is also intended to increase the bank's coverage of high growth segments such as Premium individuals and small- and medium-sized businesses. Moody's cited as constraining factors to BBVA Chile's ratings its relatively limited funding diversification, including a greater reliance on institutional time deposits that ultimately pushes up its cost of funding and squeezes financial margins. The agency highlighted its expectation that the bank should attract a greater share of more stable and lower cost deposit funding as a result of its enhanced focus on retail banking, as shown by positive trends during the second half of 2010. Nevertheless, the highly competitive nature of the Chilean banking system and the entrenched position of its largest players remain a challenge for BBVA. The bank's lower capitalization levels relative to both local and regional peers were also cited as constraints to the bank's BFSR, particularly in light of the bank's growth strategy and as BBVA expands into higher risk lending segments. BBVA Chile's A2 and Prime-1 deposit ratings incorporate four notches of uplift from its baseline credit assessment due to Moody's opinion of a very high probability of both parental and systemic support, the latter in light of the bank's important deposit and loan franchise in Chile. BBVA Chile is based in Santiago, and is Chile's sixth largest bank, with total assets of CLP$5.4 trillion (US$11.4 billion), deposits of CLP$4.2 trillion, equity of CLP$499 billion, and net income of CLP$48.3 billion as of Dec. 31, 2010. ============= J A M A I C A ============= BREEZES RIO: Workers Will Keep Their Jobs, Minister Says -------------------------------------------------------- RadioJamaica reports that 300 employees of Breezes Rio Bueno in Trelawny have been spared from joining the ranks of the unemployed. The report relates that the government has given the clearest signal that the resort will remain in operation despite plans by the SuperClubs chain to cease managing the property. Labour Minister Pearnel Charles has declared that Breezes workers will get to keep their jobs, according to RadioJamaica. The report relates that while not disclosing how the hotel will be managed after SuperClubs, Mr. Charles said the doors of Breezes Rio Bueno will remain open. "I have received a report on the matter (about) steps that (John) Issa (SuperClubs Chairman), has taken. We have discussed the matter and I can assure the workers that we are taking steps to ensure that no worker is left out of a job whether Mr. Issa pulls out or not," RadioJamaica quotes Mr. Charles as saying. RadioJamaica notes that SuperClubs said it will close the property next month and there was the possibility that the 300 employees would lose their jobs. Breezes Rio Bueno is a 226 room hotel owned by the National Insurance Fund. =========== M E X I C O =========== MEXICANA AIRLINES: Gets 5 Offers to Emerge From Bankruptcy ---------------------------------------------------------- Crayton Harrison at Bloomberg News reports that Gerardo Badin, the court-appointed bankruptcy mediator of Compania Mexicana de Aviacion or Mexicana Airlines, said that it has received proposals from five groups interested in restarting the airline. Mexicana Airlines received proposals from TG Group, BMC Financial, Avanza Capital and an individual investor, Ivan Varona, Mr. Badin said, according to Bloomberg. Mr. Badin couldn't provide details on the fifth group. Mr. Badin, Bloomberg notes, said that the airline will choose an investor next week and aims to fly the week of April 18 with an "aggressive" ticket price policy. As reported in the Troubled Company Reporter-Latin America on March 4, 2011, Dow Jones Newswires said that Mexicana Airlines' planned return to the air suffered another setback when the private equity group that had secured agreements for a restructuring failed to come up with the capital to buy the shares from the current owners. PC Capital said that the transfer of funds to buy Mexicana's holding company Nuevo Grupo Aeronautico (NGA) wasn't made by the deadline set by current owner Tenedora K, according to Dow Jones' Newswires. The report recounted that Tenedora K took over Mexicana last year after the airline filed for bankruptcy protection and was grounded, but failed to secure labor and other agreements that would have made the airline viable. Dow Jones' Newswires disclosed that PC Capital came up with a business plan which government authorities approved, and secured agreements with pilots, flight attendants and ground staff that included significant layoffs. The report related that PC Capital, which hasn't publicly identified the would-be investors, said it would facilitate the transfer of the restructuring process to any other group of investors interested in capitalizing the airline. About Mexicana Airlines Compania Mexicana de Aviacion or Mexicana Airlines -- http://www.mexicana.com/--is a privately held airline and a subsidiary of Nuevo Grupo Aeronautico. Founded in 1921, Mexicana is the oldest commercial carrier in North America. Charles Lindbergh piloted the first trip for Mexicana between Brownsville, Texas, and Mexico City. Grupo Mexicana de Aviacion is the parent of Compania Mexicana. Two other units are Aerovias Caribe S.A. de C.V. (Mexicana Click) and Mexicana Inter S.A. de C.V. (Mexicana Link). Compania Mexicana de Aviacion or Mexicana Airlines, Mexico's largest airline, filed for bankruptcy in the U.S. and Mexico on August 2, 2010. In the U.S., the company filed in the U.S. Bankruptcy Court in Manhattan for Chapter 15 bankruptcy protection (case no. 10-14182), and in Mexico, it filed for the equivalent of Chapter 11. Maru E. Johansen, foreign representative of Compania Mexicana, estimated in the Chapter 15 petition that the company has assets of US$500 million to US$1 billion and debts of more than US$1 billion. William C. Heuer, Esq., at Duane Morris LLP, serves as counsel to Ms. Johansen. Mexicana de Aviacion stated that despite its bankruptcy filing, it expects to continue to operate normally, and that such filings did not affect the operations of Click Mexicana and Mexicana Link, which are independent companies from Mexicana de Aviacion. SATELITES MEXICANOS: Starts Soliciting Votes on Prepack Plan ------------------------------------------------------------ Satelites Mexicanos, S.A. de C.V. disclosed on January 25, 2011, that it had reached an agreement with the holders of more than two-thirds of the outstanding principal amount of its 10 1/8% Second Priority Senior Secured Notes due 2013 regarding a comprehensive recapitalization to be effected through a prepackaged plan of reorganization to be filed in the United States Bankruptcy Court for the District of Delaware. As part of the implementation of the Prepackaged Plan, Satmex and its subsidiaries Alterna'TV Corporation and Alterna'TV International Corporation commenced a solicitation of votes on the Prepackaged Plan from holders of record as of March 3, 2011, of the Company's First Priority Senior Secured Notes due 2011, and the Company's 10 1/8% Second Priority Senior Secured Notes due 2013. The solicitation period will expire on April 4, 2011. If sufficient votes are received for the Prepackaged Plan, the Debtors intend to file voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code and seek prompt confirmation of the Prepackaged Plan. The Disclosure Statement Relating to the Joint Prepackaged Plan of Reorganization of Satelites Mexicanos, S.A. de C.V., Alterna'TV Corporation and Alterna'TV International Corporation Under Chapter 11 of the Bankruptcy Code and the Prepackaged Plan are available on the public Web site of the Company at http://www.satmex.com The Disclosure Statement contains certain projected financial information and valuation analysis which are based on numerous assumptions, as set forth in the Disclosure Statement, including, without limitation, confirmation and consummation of the Prepackaged Plan in accordance with its terms; realization of the operating strategy of the Reorganized Debtors; industry performance; no material adverse changes in general business and economic conditions; adequate financing; and other matters, many of which will be beyond the control of the Reorganized Debtors. Accordingly, the Projections are only estimates and are necessarily speculative in nature. The Projections were not prepared in accordance with standards for projections promulgated by the American Institute of Certified Public Accountants or with a view to compliance with published guidelines of the Securities and Exchange Commission regarding projections or forecasts. The Projections have not been audited, reviewed, or compiled by the Debtors' independent public accountants. The Projections should be read together with the information in Part VI of the Disclosure Statement entitled "Certain Factors to be Considered," which sets forth, among other things, important factors that could cause actual results to differ from those in the Projections. The securities being offered pursuant to the proposed Prepackaged Plan will not be, and have not been, registered under the Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. The summary of the solicitation of votes does not purport to be complete and is qualified in its entirety by the provisions of the Disclosure Statement and the Prepackaged Plan. About Satmex SAB Satelites Mexicanos, S.A. de C.V., (Satmex) is a Mexico-based satellite service provider in Latin America. Satmex's fleet offers hemispheric and regional coverage throughout the Americas. Satmex's balance sheet as of June 30, 2010, showed US$438.29 million in assets, US$516.55 million in liabilities, and a US$78.26 million shareholder's deficit. Satmex had a net loss of US$6.12 million on US$53.06 million of revenue for the six months ended June 30, 2010, compared with a net loss of US$8.81 million on US$50.35 million of revenue for six months ended June 30, 2009. Satmex has a 'C' issuer rating and 'Ca' long term corporate family rating, with negative outlook, from Moody's Investors Service. SATELITES MEXICANOS: Has US$325-Mil. Exit Financing Commitment -------------------------------------------------------------- Satelites Mexicanos, S.A. de C.V. announced in January that it had reached an agreement with the holders of more than two-thirds of the outstanding principal amount of its Second Priority Senior Secured Notes due 2013 regarding a comprehensive recapitalization to be effected through a prepackaged plan of reorganization to be filed in the United States Bankruptcy Court for the District of Delaware. The Company said early this month it has been advised that certain of the holders of Satmex's First Priority Senior Secured Notes due 2011 have retained Michael J. Sage, Esq., at Dechert LLP, and were scheduled for a March 2 organizational meeting to discuss their next steps. The Company is presently confirming that under the terms of the proposed Plan, holders of the First Priority Senior Secured Notes will be paid out in cash at par plus accrued interest without premium or penalty. To the extent not paid pursuant to a bankruptcy court order authorizing the use of cash collateral or otherwise, the accrued and unpaid fees and expenses of the indenture trustee and the collateral trustee related to the First Priority Senior Secured Notes (including the accrued and unpaid fees and expenses of their counsel and the counsel to the ad hoc committee of holders of the First Priority Senior Secured Notes) will be paid in full in cash on the effective date of the Plan. Satmex has also entered into a commitment letter with Jefferies Finance LLC providing for US$325 million of committed senior secured exit financing, which may be used, along with the proceeds of the previously-announced US$96.25 million fully-backstopped rights offering of equity securities to holders of Second Priority Senior Secured Notes, to, among other things, repay the First Priority Senior Secured Notes and fund the timely completion of Satmex 8, a satellite scheduled to be launched in 2012 to replace the Company's Satmex 5 satellite. Prepackaged Plan Satelites Mexicanos has reached an agreement with the holders of more than two-thirds of the outstanding principal amount of its Second Priority Senior Secured Notes due 2013 regarding a comprehensive recapitalization to be effected through the solicitation of a prepackaged plan of reorganization to be filed in the United States bankruptcy court. The recapitalization will provide the resources for the Company to finance the timely completion of Satmex 8, a satellite scheduled to be launched in 2012 to replace the Company's Satmex 5 satellite, and to lay the groundwork for the future construction of Satmex 7, which is intended to replace the Company's Solidaridad 2 satellite. Satmex has joined in a Restructuring Support Agreement among the Supporting Holders and Holdsat Mexico S.A.P.I. de C.V., a Mexican company which was newly formed in cooperation with the Supporting Holders to effect the proposed recapitalization, and which will be majority controlled by certain Mexican partners in compliance with applicable Mexican foreign investment laws. The Plan contemplates that the recapitalization will be financed with the proceeds of an offering of up to US$325 million in aggregate principal amount of new senior secured debt financing and the proceeds of a rights offering of equity securities in the indirect parent of reorganized Satmex to eligible holders of Second Priority Senior Secured Notes in an aggregate amount of up to US$96.25 million. Eligible holders of Second Priority Senior Secured Notes will also have the right to invest in their pro rata share of a follow-on issuance of equity securities in an aggregate amount of up to US$40 million, which may be called by the reorganized company for purposes of funding the construction and launch of Satmex 7. Under the terms of the Plan, holders of Satmex's First Priority Senior Secured Notes due 2011 will be paid out in cash at par plus accrued interest. Holders of Satmex's Second Priority Senior Secured Notes will receive their pro rata share of (i) a pool of equity interests in the indirect parent of reorganized Satmex (the "Parent Interests"), (ii) the Primary Rights to invest in additional Parent Interests, and (iii) the Follow-On Rights, but only to the extent that holders have exercised their Primary Rights. In the alternative, such holders may elect to receive, in lieu of the Parent Interests, Primary Rights and Follow-On Rights, a cash payment of 38 cents for every dollar of Second Priority Senior Secured Notes held by such electing holders, which payment will be funded by certain of the Supporting Holders. It is anticipated that other creditors, including trade creditors, will be paid in full under the Plan. If the Plan is consummated and certain other conditions are satisfied, existing stockholders of Satmex will receive their share of US$6.25 million under a purchase agreement with Holdsat Mexico S.A.P.I. de C.V. as part of the recapitalization transactions. The Restructuring Support Agreement provides that the Supporting Holders will vote in favor of the Plan. Furthermore, Centerbridge Partners, L.P., Monarch Alternative Capital, L.P., Moneda Asset Management, New Generation Advisors, LLC and Outrider Management, LLC and certain of their affiliates have committed to exercise all of the rights granted to them under the Plan as holders of the Second Priority Senior Secured Notes and to purchase any interests, which are not subscribed by other holders. Completion of the transaction is subject to certain regulatory approvals and other conditions precedent. Lazard and its Mexican alliance partner, Alfaro, Davila y Rios, S.C., are serving as financial advisors to Satmex, and Greenberg Traurig is serving as U.S. counsel and Santamarina y Steta and Rubio Villegas & Asociados are serving as the Company's Mexican counsels. Jefferies & Company, Inc. is serving as the financial advisor to certain holders of the Second Priority Senior Secured Notes, and Ropes & Gray LLP is serving as U.S. counsel and Cervantes Sainz as Mexican counsel to this group. U.S. Bankruptcy in 2006 Satelites Mexicanos will be seeking a prepackaged bankruptcy reorganization in the U.S. less than five years after emerging from a prior U.S. Chapter 11 case. Bill Rochelle, the bankruptcy columnist at Bloomberg News, notes that litigated disputes began in May 2005, when bondholders filed an involuntary Chapter 11 petition against Satmex. The company responded in June 2005 by filing a concurso mercantil, the Mexican version of reorganization. It later asked the U.S. bankruptcy judge to dismiss the involuntary petition. A partial settlement was made in mid-2005 entailing a dismissal of the involuntary Chapter 11 petition while Satmex filed a Section 304 ancillary petition in New York, so that the bankruptcy court could assist the Mexican court by enjoining legal actions in the U.S. The Section 304 ancillary petition was the predecessor to what is now Chapter 15 for cross-border insolvencies. After reaching final agreement with bondholders to restructure US$800 million in debt, the Company filed a prepackaged Chapter 11 petition in New York. The plan called for swapping US$203.4 million of senior secured floating notes for US$234.4 million in first-lien senior-secured notes, while US$320 million in 10.125% unsecured notes became US$140 million of second-lien notes and 78% of the new common stock. The prior petition listed assets of US$906 million against debts totaling US$743.5 million. In August 2003, Satmex defaulted on US$320 million in senior unsecured notes. It was roughly half-owned by Loral Space & Communications Ltd., with the remainder split between Mexican shareholders and the Mexican government, which had 23% of the stock. Satellite manufacturer Loral underwent its own Chapter 11 reorganization in July 2003. About Satmex SAB Satelites Mexicanos, S.A. de C.V., (Satmex) is a Mexico-based satellite service provider in Latin America. Satmex's fleet offers hemispheric and regional coverage throughout the Americas. Satmex's balance sheet as of June 30, 2010, showed US$438.29 million in assets, US$516.55 million in liabilities, and a US$78.26 million shareholder's deficit. Satmex had a net loss of US$6.12 million on US$53.06 million of revenue for the six months ended June 30, 2010, compared with a net loss of US$8.81 million on US$50.35 million of revenue for six months ended June 30, 2009. Satmex has a 'C' issuer rating and 'Ca' long term corporate family rating, with negative outlook, from Moody's Investors Service. TUBO DE PASTEJE: Seeks More Time to File Plan --------------------------------------------- Bill Rochelle, the bankruptcy columnist for Bloomberg News, reports that Tubo de Pasteje SA de CV and subsidiary Cambridge-Lee Holdings Inc. for a fourth time are seeking an extension of the exclusive right to propose a Chapter 11 plan. If granted by the bankruptcy judge at an April 8 hearing, the new deadline would be April 11. According to Mr. Rochelle, the Company said there is "significant progress" toward a "consensual plan of reorganization" that it expects to file "soon." Industrias Unidas SA de CV said in February there was agreement in principle with creditors for a US$371 million debt swap. About Tubo de Pasteje Tubo de Pasteje SA and subsidiary Cambridge-Lee Holdings Inc. filed Chapter 11 petitions (Bankr. D. Del. Case No. 09-14353) on Dec. 7, 2009, following a Nov. 15 payment default on US$200 million in 11.5% senior notes due 2016. Tubo and its subsidiary sought bankruptcy protection when the 30-day grace period was nearing its end. Tubo is a subsidiary of Mexico City-based Industrias Unidas SA de CV, a manufacturer of copper and electrical products. The U.S. subsidiary Cambridge-Lee is based in Reading, Pennsylvania. IUSA is the issuer of the notes which were secured by a pledge of Cambridge-Lee stock. URBI DESARROLLOS: Fitch Downgrades Issuer Default Rating to 'BB-' ----------------------------------------------------------------- Fitch Ratings has downgraded Urbi Desarrollos Urbanos, S.A.B. de C.V.'s ratings: -- Foreign Currency Issuer Default Rating to 'BB-' from 'BB'; -- Local Currency IDR to 'BB-' from 'BB'; -- National Long-term rating to 'A-(Mex)' from 'A(Mex)'; -- US$150 million senior notes due 2016 to 'BB-' from 'BB'; -- US$300 million senior notes due 2020 to 'BB-' from 'BB'. Fitch Ratings has also affirmed the company's short-term rating at 'F2(Mex)'. The Rating Outlook is Stable. The downgrade reflects Urbi's more aggressive growth strategy since the second half of 2010 resulting in the company's total debt increase to cover higher working capital requirements related to operations as well as to finance the integration of housing projects in progress. During the second half of 2010, the company acquired approximately MXN1.6 billion in assets (account receivables and inventories). The downgrades also factor in the view that the company's capacity to generate positive free cash flow will be limited during 2011 as the business continues to grow. The Stable Outlook incorporates the expectation that Urbi's credit metrics will remain stable during 2011. Urbi's ratings continue to reflect its strong market position in the Mexican homebuilding industry; its geographic diversification; significant land reserve; and its solid liquidity. Urbi's ratings are constrained by dependency on financing of government-related mortgage funding of low-income homes, and the higher working capital requirements incorporated in the company's business model. A factor that differentiates the company's business strategy from other participants is Urbi's continued efforts, during the last several years, to develop Mexico's non-affiliated low-income housing market (underserved sector) through mechanisms such Alternativa Urbi. This mechanism offers very good growth opportunities but at the same time, from a credit perspective, represents a challenge, since developing a solid market position in the non-affiliated segment requires a higher level of working capital because the company has to nurture potential buyers until they are qualified to obtain a mortgage. By the end of 2010, the company's receivables days and inventories days were 127 and 846, respectively, levels above the industry average. The inventories days calculation includes long-term inventories and excludes capitalized interest from cost of sales. Increase in Debt Above Expectations, Gross Leverage Expected to Remain Stable at Around 3x: The company's total debt increased to MXN10.9 billion by the end of December 2010 from MXN7.7 billion in December 2009. The company's short-term debt (MXN3.2 billion) is primarily composed of bank loans and bridge loans, secured by the company's inventory, being paid as the development cycle is complete. The company's long-term debt is primarily composed of the US$150 senior unsecured notes and US$300 million senior unsecured notes due in 2016 and 2020, respectively. The company's cash flow generation, measured by EBITDA, remained relatively stable at MXN4.1 billion by the end of 2010. Gross leverage was 2.7 times (x) by the end of December 2010, which compares negatively with the company's gross leverage of 1.9x by the end of December 2009. The ratings incorporate the expectation that Urbi's gross leverage will be around 3x during 2011. Solid and Geographic Diversified Market Position: Urbi's market position is solid and sustainable in the medium term based on the company's large scale and geographic diversification. The ratings factor in Urbi's market position in the sector, being the third largest homebuilder in Mexico in terms of number of units sold, with 33,478 units sold during 2010, an increase of 12.7% over the prior year. During 2010, the company's main mortgage providers were Instituto del Fondo Nacional de la Vivienda para los Trabajadores (INFONAVIT) and Fondo de la Vivienda del ISSSTE (FOVISSSTE), representing approximately 50% and 15%, respectively, of the company's total units sold, while Alternativa Urbi Traditional and SHF/others represented approximately 28% and 7%, respectively, during the period. In addition, the ratings reflect Urbi's consistent business strategy to focus in the low-income housing segment with homes with selling prices of up to MXN720 thousand or US$60 thousand, which has benefited the company by stable demand supported by continued mortgage availability. During 2010, Urbi's sales mix included approximately 96% of its revenues from housing units with selling prices up to MXN720 thousand. The affordable entry level segment, with selling prices up to MXN400 thousand, generated revenues of MXN7.8 billion representing 60.5% of the company's total housing revenues (MXN12.9 billion) during 2010. The low- middle income segment, with selling prices between MXN400 thousand and MXN720 thousand, generated revenues of MXN3.5 billion representing 27.5% of the company's total housing revenues during the period. The ratings also incorporate Urbi's sizable land reserves, which provide operating and financial flexibility. Urbi's land reserve is adequate and well-distributed. By the end of December 2010, Urbi's land reserve of 5,482 hectares represented approximately 6 years of production at current run rates, equivalent to 291,782 housing units. Negative FCF in 2011 as Business Continues to Grow: The ratings consider that the company's free cash flow will remain negative in 2011 (FCF calculation considers cash flow from operations after interest paid less capex and distributed dividends). The company's FCF for 2010 was negative MXN910 million, including MXN1.3 billion in interest paid. This level compares negatively with the company's positive FCF of MXN1.5 billion during 2009. Driving the change in the FCF trend is the increase in working capital needs which occurred during the second half of 2010 as the company increased its levels of account receivables from MXN531 million in December 2009 to MXN5.2 billion by December 2010. The ratings incorporate the view that the company will reach negative FCF during 2011, as the business is expected to reach higher growth rates during 2011 than that reached during 2010, with expected increase in revenues and titled homes in the 12% to 15% range during 2011. Strong Liquidity Supports the Ratings: Solid liquidity and a good debt payment schedule provides financial flexibility. The ratings factor the company's strong liquidity with MXN6.1 billion in cash at Dec. 30, 2010. Further, Urbi currently has a manageable long-term debt maturity schedule with maturities of MXN1.6 billion, MXN199 million and MXN747 million for 2011, 2012, and 2013, respectively. Ratings incorporate expectations that Urbi's cash position will remain solid between MXN4 billion and MXN5 billion during 2011 and that the company's maturity schedule will remain manageable. Rating Drivers: Positive rating actions could result from some combination of these factors: a sustained strengthening of the company's gross leverage returning to levels below 2.0x, stability in credit metrics, and consistently positive FCF. A negative rating action could be triggered by a deterioration of the company's credit protection measures and cash position due to weak operational results and more aggressive HPP acquisitions, a decline of government funding programs, and deterioration in the company's industry business environment leading to erosion in the company's market position. ===================== P U E R T O R I C O ===================== A+HC HOLDING: Taps Charles A. Cuprill as Bankruptcy Counsel ----------------------------------------------------------- A+HC Holding, Inc., asks for authorization from the U.S. Bankruptcy Court for the District of Puerto Rico to employ Charles A. Cuprill, P.S.C., Law Offices, as its bankruptcy counsel. Charles A. Cuprill will represent the Debtor in its bankruptcy case. The Debtor has retained Charles A. Cuprill on the basis of a US$22,500 retainer, against which the law firm will bill on the basis of US$350 per hour, plus expenses, for work performed or to be performed; US$225 per hour for associates; and US$85 per hour for paralegals. Charles A. Cuprill-Hernandez, Esq., the principal of Charles A. Cuprill, assures the Court that the firm is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. San Juan, Puerto Rico-based A+HC Holding, Inc., aka Farmacias El Amal, filed for Chapter 11 bankruptcy protection (Bankr. D. P.R. Case No. 11-01428) on Feb. 24, 2011. In its schedules, the Debtor disclosed US$32,711,487 in total assets and US$29,266,889 in total debts as of the Petition Date. CPA Luis R. Carrasquillo & CO., P.S.C. is the Debtor's financial consultant. A+HC HOLDING: Wants to Hire CPA Luis as Financial Consultant ------------------------------------------------------------ A+HC Holding, Inc., asks for authorization from the U.S. Bankruptcy Court for the District of Puerto Rico to employ CPA Luis R. Carrasquillo & CO., P.S.C., as its financial consultant. CPA Luis will: a. provide advice in strategic planning and the preparation of the Debtor's plan of reorganization, disclosure statement and business plan; and b. participate in the debtor's negotiations with the Debtor's creditors. CPA Luis will be paid based on the hourly rates of its professionals: CPA Luis R. Carrasquillo, Partner US$150 CPA Marcelo Gutierrez, Senior CPA $125 CPA Myris Acosta, Senior CPA $100 CPA Michelle Batlle, Senior CPA and Tax Specialist $85 Other CPAs $90-$100 Carmen Callejas, Senior Accountant $70 Joel Torres Sanchez, Tax Specialist $70 Sandra Zavala Diaz, Junior Accountant $45 Administrative Personnel $35 Luis R. Carrasquillo Ruiz, the principal of CPA Luis, assures the Court that the firm is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. San Juan, Puerto Rico-based A+HC Holding, Inc., aka Farmacias El Amal, filed for Chapter 11 bankruptcy protection (Bankr. D. P.R. Case No. 11-01428) on Feb. 24, 2011. In its schedules, the Debtor disclosed $32,711,487 in total assets and US$29,266,889 in total debts as of the Petition Date. Charles Alfred Cuprill, Esq., at Charles A. Curpill, PSC Law Office, serves as the Debtor's bankruptcy counsel. ALLIED DEVELOPMENT: Voluntary Chapter 11 Case Summary ----------------------------------------------------- Debtor: Allied Development Corp. 555 Alverio St. Ext. Roosevelt San Juan, PR 00918 Bankruptcy Case No.: 11-01789 Chapter 11 Petition Date: March 2, 2011 Court: United States Bankruptcy Court District of Puerto Rico (Old San Juan) Debtor's Counsel: Noemi Landrau Rivera, Esq. LANDRAU RIVERA & ASSOCIATES P.O. Box 270219 San Juan, PR 00927-0219 Tel: (787) 273-7949 Fax: (787) 793-1004 E-mail: landraulaw@prtc.net Scheduled Assets: US$1,602,259 Scheduled Debts: US$1,031,810 The Debtor did not file a list of its largest unsecured creditors together with its petition. The petition was signed by Irmgard Pagan Rivera, president. EDHSAN MILLWORKS: Case Summary & 20 Largest Unsecured Creditors --------------------------------------------------------------- Debtor: Edhsan Millworks Inc aka Edhsan Aluminum Work P.O. Box 848 Cabo Rojo, PR 00623 Bankruptcy Case No.: 11-01867 Chapter 11 Petition Date: March 5, 2011 Court: U.S. Bankruptcy Court District of Puerto Rico (Ponce) Debtor's Counsel: Alberto O. Lozada Colon, Esq. BUFETE LOZADA COLON P.O. Box 430 Mayaguez, PR 00681-430 Tel: (787) 833-6323 E-mail: alberto3@coqui.net Scheduled Assets: US$299,436 Scheduled Debts: US$1,141,968 A list of the Company's 20 largest unsecured creditors filed together with the petition is available for free at: http://bankrupt.com/misc/prb11-01867.pdf The petition was signed by Edmundo Franqui Ruiz, president. HIRAM SANCHEZ: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------ Debtor: Hiram Enrique Luigi Sanchez dba Centro De Ortopedia Del Noroeste aka Dr. Hiram E Luigi P.O. Box 5299 Aguadilla, PR 00605 Bankruptcy Case No.: 11-01778 Chapter 11 Petition Date: March 2, 2011 Court: United States Bankruptcy Court District of Puerto Rico (Old San Juan) Debtor's Counsel: Victor Gratacos-Diaz, Esq. VICTOR GRATACOS-DIAZ LEGAL OFFICE P.O. Box 7571 Caguas, PR 00726 Tel: (787) 746-4772 E-mail: vgratacd@coqui.net Scheduled Assets: US$4,674,802 Scheduled Debts: US$17,641,332 A list of the Debtor's 20 largest unsecured creditors filed together with the petition is available for free at http://bankrupt.com/misc/prb11-01778.pdf MIRAMAR REAL ESTATE: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------------ Debtor: Miramar Real Estate Management Inc. 53 Palmera Street El Caribe Building, 16th Floor San Juan, PR 00901 Bankruptcy Case No.: 11-01786 Chapter 11 Petition Date: March 2, 2011 Court: U.S. Bankruptcy Court District of Puerto Rico (Old San Juan) Debtor's Counsel: Fausto D. Godreau Zayas, Esq. LATIMER, BIAGGI, RACHID & GODREAU, LLP P.O. Box 9022512 San Juan, PR 00902-2512 E-mail: dgodreau@LBRGlaw.com Estimated Assets: US$100,000,001 to US$500,000,000 Estimated Debts: US$100,000,001 to US$500,000,000 The petition was signed by Carlos Lopez de Azua, president. Debtor's List of 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ Guardsmark LLC -- US$650,395 Mail Code 2204 P.O. Box 2121 Memphis, TN 38159-2204 Candis A. McGowan -- $165,318 Wiggins, Childs, Quin & Oantazis The Kress Building 301 19th Street North Birmingham, Alabama 35203 AEE -- $71,918 P.O. Box 363508 San Juan, PR 00936-3508 El Caribe Tenants Deposit -- $70,486 HF Security -- $35,000 Faccio & Pabon-Roca Law Offices -- $27,305 Bufete Mario Rodriguez -- $26,265 Nain Berrios Colon -- $23,170 Marble & Stone -- $20,995 JCC Tenants Deposits -- $19,368 Otis Elevator -- $13,057 Fergunson Enterprises -- $12,712 Fransglobal -- $12,500 Gold Shield Protection and Investig-- $11,562 Royal Finance & Leasing Corp -- $11,226 Banco Popular De Pr -- $9,060 Empresas Fonalledas -- $7,270 Administracion de Tribunales -- $6,783 Graphic Arts Printing Inc -- $6,637 Loockwood Financial Advisors -- $5,897 ================= V E N E Z U E L A ================= CA LA ELECTRICIDAD: Fitch Affirms 'B+' Issuer Default Ratings ------------------------------------------------------------- Fitch Ratings has affirmed C.A. La Electricidad de Caracas' local and foreign currency Issuer Default Ratings at 'B+' as well as its national scale long and short term ratings of 'AAA(ven)' and 'F- 1+(ven)', respectively. Fitch also affirms EDC's approximately US$663 million senior unsecured debt issuance due 2014 and 2018 at 'B+/RR4'. The Ratings Outlook is Stable. EDC's credit quality reflects the company's linkage to the government of Venezuela, as its majority shareholder is Petroleos de Venezuela S.A., the national oil company which owns 93.62% of EDC's stock. This linkage is further heightened by the increasing government control of operations and the subsidies the latter provides to finance EDC's operational costs and capital expenditures. Ratings Linked to the Government: EDC receives explicit support from both PDVSA and the government in the form of subsidized fuel costs, access to foreign currency and government assistance to cover operating losses and capital expenditures. The Venezuelan government expects, by the end of 2011, to spin-off EDC from PDVSA and into a recently formed stated owned entity called CORPOELEC. This is viewed as neutral to marginally positive for EDC's current financial profile as its financial obligations would be consolidated in to a larger integrated energy company with relatively low debt levels, yet, potentially with equally negative operating margins. The 2018 bond issue covenants allow for the eventual consolidation of EDC into a third party, CORPOELEC, as long as the latter assumes, by supplemental indenture, all of EDC's obligations under current indenture and the notes. Declining Margins Turn Negative: EDC's profitability has significantly deteriorated as a result of a tariff freeze since 2002 and increased financial burden associated with its new operational responsibilities in Aragua, Miranda and Nueva Esparta states. The company's financial metrics have also worsened as a result of the implementation of 1,000 MW of inefficient distributed energy generation units spread throughout the country, which has placed upward pressure on operating costs. Furthermore, high inflation has contributed to higher costs, further impacting profitability margins. EDC will likely continue to report operating losses as a result of no expected changes in tariffs. However, a potential reduction in operating losses could come from focusing on decreasing non technical losses (electricity theft) and improving collections, both from the public and private sectors. During the LTM ended Sept. 30, 2010, EDC's EBITDA declined to negative US$295 million from negative US$56 million in 2009. The company reported positive Funds from Operations FFO of US$358 million during the same period, primarily as a result in an increase in other accounts payables due to the increasing capital expenditures in new capacity. Fitch does not expect the government to implement a tariff adjustment in the short term, and as such EBITDA margins will continue to deteriorate, increasing its dependence on government transfers to meet its cash needs. Sovereign Support Needed to Fund CAPEX: As of the last 12 months ended Sept. 30, 2010, Cash Flow from Operations of US$248 million was significantly insufficient to cover the company's capital expenditures of US$1,610 million. As a result, EDC received US$1,427 million in government financing, mostly coming from 'El Fondo Conjunto Chino Venezolano (FCCV)' (US$378 million), FONDEN (US$747 million), a special Electricity Sector Fund created to respond to the electricity crisis experienced during the first semester of 2010 (US$173 million), PDVSA's social fund (US$71 million) and CORPOELEC (US$59 million). Going forward, the continuing support of the Venezuelan government will be the key to maintaining the financial viability of the electricity sector in general and of EDC's assets in particular. Furthermore, the electricity sector is expected to continue to receive funds from the Special Electric Fund (established in 2010) and be allocated complementary funds if necessary through the mechanism of additional credits contemplated in the execution of the national budget to finance and implement the government's sector initiatives. Liquidity Continues To Fall: As of Sept. 30, 2010, EDC had US$96 million of cash on hand (US$240 million in FY 2009) and US$1 million in short-term debt. Although liquidity easily covers its short-term obligations, weakening operating results are putting pressure on organic cash generation as shown by declining profitability and liquidity. EDC's total debt was US$673 million by September 2010, comprised primarily of the US$650 million notes due in 2018, making debt maturities quite manageable in the medium term. =========================== V I R G I N I S L A N D S =========================== INNOVATIVE COMMUNICATION: CFC Unit Takes Over BVI Cable ------------------------------------------------------- The Virgin Islands Platinum News reports that the ownership of BVI Cable TV was finally transferred March 1 from a bankruptcy administrator -- Chapter 11 trustee -- of estate of a previous owner of the company to the new owners. According to the report, the new owner, Caribbean Asset Holdings, LLC, a subsidiary of National Rural Utilities Cooperative Finance Corporation, said in a letter dated Dec. 31, 2010, that to improve network and services, it will make US$1 million in capital expenditures over a period of two years. About Prosser & Innovative Communication Headquartered in St. Thomas, Virgin Islands, Innovative Communication Company, LLC -- http://www.iccvi.com/-- and Emerging Communications, Inc., are diversified telecommunications and media companies operating mainly in the U.S. Virgin Islands. Jeffrey J. Prosser owns Emerging Communications and Innovative Communications. Innovative and Emerging filed for Chapter 11 protection on July 31, 2006 (D.V.I. Case Nos. 06-30007 and 06-30008). When the Debtors filed for protection from their creditors, they estimated assets and debts of more than US$100 million. Mr. Prosser also filed for chapter 11 protection on July 31, 2006 (D.V.I. Case No. 06-10006). According to The (Virgin Islands) Source, he was fired in October 2007 for failing to make payments into the company pension funds. Greenlight Capital Qualified, L.P., Greenlight Capital, L.P., and Greenlight Capital Offshore, Ltd. -- which holds an US$18,780,614 claim against Mr. Prosser -- had filed an involuntary chapter 11 against Innovative Communication, Emerging Communications, and Mr. Prosser on Feb. 10, 2006 (Bankr. D. Del. Case Nos. 06-10133, 06-10134, and 06-10135). Mr. Prosser argued that the Greenlight entities, the former shareholders of Innovative Communications, and Rural Telephone Finance Cooperative, Mr. Prosser's lender, conspired to take down his companies into bankruptcy and collect millions in claims. The U.S. District Court of the Virgin Islands, Bankruptcy Division, approved the U.S. Trustee for Region 21's appointment of Stan Springel of Alvarez & Marsal as Chapter 11 Trustee of Innovative and Emerging Communications. In October 2009, the Minister for Communications and Works and the Telecommunications Regulatory Commission of the British Virgin Islands approved an application of National Rural Utilities Cooperative Finance Corporation (CFC) to acquire BVI Cable TV Ltd. in connection with its agreement with the Chapter 11 Trustee of Innovative Communication. The Public Services Commission of the U.S. Virgin Islands voted unanimously to approve the acquisition by (CFC) of the Virgin Islands Telephone Corporation and Innovative Cable TV. =============== X X X X X X X X =============== * Upcoming Meetings, Conferences and Seminars --------------------------------------------- Mar. 10, 2011 AMERICAN BANKRUPTCY INSTITUTE Nuts and Bolts - Florida Tampa, Fla. Contact: 1-703-739-0800; http://www.abiworld.org/ Mar. 10-12, 2011 AMERICAN BANKRUPTCY INSTITUTE SUCL/ Alexander L. Paskay Seminar on Bankruptcy Law and Practice Marriott Tampa Waterside, Tampa, Fla. Contact: 1-703-739-0800; http://www.abiworld.org/ Mar. 17-19, 2011 AMERICAN BANKRUPTCY INSTITUTE Byrne Judicial Clerkship Institute Pepperdine University School of Law, Malibu, Calif. Contact: 1-703-739-0800; http://www.abiworld.org/ Mar. 31-Apr. 3, 2011 AMERICAN BANKRUPTCY INSTITUTE Annual Spring Meeting Gaylord National Resort & Convention Center, National Harbor, Md. Contact: 1-703-739-0800; http://www.abiworld.org/ April 27-29, 2011 TURNAROUND MANAGEMENT ASSOCIATION TMA Spring Conference JW Marriott, Chicago, IL Contact: http://www.turnaround.org/ May 5, 2011 AMERICAN BANKRUPTCY INSTITUTE Nuts and Bolts - New York City Association of the Bar of the City of New York, New York, N.Y. Contact: 1-703-739-0800; http://www.abiworld.org/ May 6, 2011 AMERICAN BANKRUPTCY INSTITUTE New York City Bankruptcy Conference Hilton New York, New York, N.Y. Contact: 1-703-739-0800; http://www.abiworld.org/ June 6, 2011 AMERICAN BANKRUPTCY INSTITUTE Canadian-American Cross-Border Insolvency Symposium Fairmont Royal York, Toronto, Ont. Contact: 1-703-739-0800; http://www.abiworld.org/ June 9-12, 2011 AMERICAN BANKRUPTCY INSTITUTE Central States Bankruptcy Workshop Grand Traverse Resort and Spa, Traverse City, Mich. Contact: http://www.abiworld.org/ July 21-24, 2011 AMERICAN BANKRUPTCY INSTITUTE Northeast Bankruptcy Conference Hyatt Regency Newport, Newport, R.I. Contact: 1-703-739-0800; http://www.abiworld.org/ July 27-30, 2011 AMERICAN BANKRUPTCY INSTITUTE Southeast Bankruptcy Workshop The Sanctuary at Kiawah Island, Kiawah Island, S.C. Contact: 1-703-739-0800; http://www.abiworld.org/ Aug. 4-6, 2011 AMERICAN BANKRUPTCY INSTITUTE Mid-Atlantic Bankruptcy Workshop Hotel Hershey, Hershey, Pa. Contact: 1-703-739-0800; http://www.abiworld.org/ Oct. 14, 2011 AMERICAN BANKRUPTCY INSTITUTE NCBJ/ABI Educational Program Tampa Convention Center, Tampa, Fla. Contact: 1-703-739-0800; http://www.abiworld.org/ Oct. __, 2011 AMERICAN BANKRUPTCY INSTITUTE International Insolvency Symposium Dublin, Ireland Contact: 1-703-739-0800; http://www.abiworld.org/ Oct. 25-27, 2011 TURNAROUND MANAGEMENT ASSOCIATION Hilton San Diego Bayfront, San Diego, CA Contact: http://www.turnaround.org/ Dec. 1-3, 2011 AMERICAN BANKRUPTCY INSTITUTE 23rd Annual Winter Leadership Conference La Quinta Resort & Spa, La Quinta, Calif. Contact: 1-703-739-0800; http://www.abiworld.org/ Apr. 19-22, 2012 AMERICAN BANKRUPTCY INSTITUTE Annual Spring Meeting Gaylord National Resort & Convention Center, National Harbor, Md. Contact: 1-703-739-0800; http://www.abiworld.org/ July 14-17, 2012 AMERICAN BANKRUPTCY INSTITUTE Southeast Bankruptcy Workshop The Ritz-Carlton Amelia Island, Amelia Island, Fla. Contact: 1-703-739-0800; http://www.abiworld.org/ Aug. 2-4, 2012 AMERICAN BANKRUPTCY INSTITUTE Mid-Atlantic Bankruptcy Workshop Hyatt Regency Chesapeake Bay, Cambridge, Md. Contact: 1-703-739-0800; http://www.abiworld.org/ Nov. 29 - Dec. 2, 2012 AMERICAN BANKRUPTCY INSTITUTE Winter Leadership Conference JW Marriott Starr Pass Resort & Spa, Tucson, Ariz. Contact: 1-703-739-0800; http://www.abiworld.org/ *********** Monday's edition of the TCR-LA delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR-LA editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR-LA constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR-LA editor holds some position in the issuers' public debt and equity securities about which we report. Tuesday's edition of the TCR-LA features a list of companies with insolvent balance sheets obtained by our editors based on the latest balance sheets publicly available a day prior to publication. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. A list of Meetings, Conferences and Seminars appears in each Thursday's edition of the TCR-LA. Submissions about insolvency- related conferences are encouraged. Send announcements to conferences@bankrupt.com *********** S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Latin America is a daily newsletter co-published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Valerie U. Pascual, Psyche A. Castillon, Julie Anne G. Lopez, Ivy B. Magdadaro, Frauline S. Abangan, and Peter A. Chapman, Editors. Copyright 2011. All rights reserved. ISSN 1529-2746. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. 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